PEPE

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.1231%/8h= +134.8% APRnext payment +$1.54 per $10,000 · paid last 24h +0.031%

Price spread now: Kraken Futures against Lighter−0.010%7-day average −0.053% · you buy dearer than you sell

Net, funding: paid 7d − costs−$48as in the Funding arb table

Net, price: spread back to 7d avg − costs−$40as in the Price arb table

costs, in and out, $10k−$450.447% of the position

Long on Lighter Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days−0.036%−$4 on $10k

Price spread, last 3 days (all we have)+0.107%+$11 · spread now −0.010%, 7d avg −0.053%

Together, before fees+0.071%+ Points / potential airdropLighter: Season 3 · farm board+$7 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$37 a day on $10k at the current rate, and Kraken Futures is 0.042% dearer against Lighter than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of −0.053%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.036% in total (about -1.9% a year). A funding rate is set anew for every payment; at this rate the next one is about +$1.54 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter 1000PEPE	0.000004806	0.0096	pay 0.0012% / 1h	25m 55s	$599K	$5.7M	10x
Short	Kraken Futures PF_PEPEUSD	0.000004805	0.1327	get 0.0166% / 1h	25m 55s	$3.9M	$13.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Lighter. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee LighterbpFee Kraken FuturesbpOrdersPrice spread, now −0.010%Rate

Funding earned: $258.6
Price spread: −0.010% → −0.053%: $4.21
Slippage, 4 orders: −$34.7
Fee Lighter: 0 bp × 2 orders: $0
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $218.1
Costs to cover: 0.447%
Break-even: 1.1 days

Slippage from Lighter: live order book, 7 min ago; Kraken Futures: live order book, 3 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Lighter live order book, 7 min ago	3.10 bp	3.1 bp −$3	13.7 bp −$137	51.1 bp −$5,110	doesn't fit
Sell Kraken Futures live order book, 3 min ago	8.38 bp	17.5 bp −$17	23.5 bp −$235	94.5 bp −$9,454	doesn't fit

PEPE on 35 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX PEPE-USD	0.0000%	1h	0.000004803	−0.059%	$18K	$95	10x	as long as short
gTrade (Gains Network) PEPE/USD	L +0.0006% / S −0.0006%	1h	0.000004804	−0.048%	$14K	—	150x	as long as short
Lighter 1000PEPElong	+0.0096%	1h	0.000004806	long leg	$599K	$5.7M	10x
Hyperliquid kPEPE	+0.0100%	1h	0.000004804	−0.042%	$62.7M	$80.3M	10x	as long as short
Pacifica kPEPE	+0.0100%	1h	0.000004810	+0.083%	$59K	$113K	10x	as long as short
Bybit 1000PEPEUSDT	+0.0100%	8h	0.000004806	−0.004%	$87.1M	$281.2M	50x	as long as short
Gate PEPE_USDT	+0.0100%	8h	0.000004804	−0.042%	$149.6M	$63.0M	75x	as long as short
KuCoin PEPEUSDTM	+0.0100%	8h	0.000004806	−0.008%	$24.8M	$54.0M	75x	as long as short
Variational Omni 1000PEPE	+0.0100%	8h	0.000004818	+0.248%	$574K	$4.0M	—	as long as short
edgeX 1000PEPEUSDC	+0.0100%	4h	0.000004819	+0.269%	$27K	$342K	20x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX 1000PEPE-USDT	+0.0100%	8h	0.000004813	+0.135%	$2K	$2.4M	20x	as long as short
SoDEX 1000PEPE-USD	+0.0100%	1h	0.000004806	0.000%	$3K	$11K	10x	as long as short
HTX PEPE-USDT	+0.0100%	8h	0.000004815	+0.196%	$543K	$3.5M	75x	as long as short
Bitget PEPEUSDT	+0.0138%	8h	0.000004804	−0.044%	$42.3M	$151.9M	75x	as long as short
Reya kPEPERUSDPERP	+0.0189%	1h	0.000004807	+0.018%	$7K	—	15x	as long as short
OKX PEPE-USDT-SWAP	+0.0207%	8h	0.000004809	+0.062%	$41.8M	$491.8M	50x	as long as short
GMX PEPE/USD [ETH-USDC]	L +0.0212% / S −0.0091%	1h	0.000004000	−16.771%	$54K	—	100x	as long as short
BloFin PEPE-USDT	+0.0323%	8h	0.000004823	+0.354%	$3.9M	$22.2M	75x	as long as short
Paradex kPEPE-USD-PERP	+0.0335%	8h	0.000004806	+0.004%	$5K	$16	20x	as long as short
Phemex u1000PEPEUSDT	+0.0379%	8h	0.000004808	+0.050%	$2.3M	$6.4M	50x	as long as short
01 Exchange kPEPEUSD	+0.0424%	1h	0.000004813	+0.146%	$551	$2K	10x	as long as short
Orderly PERP_1000PEPE_USDC	+0.0447%	8h	0.000004808	+0.035%	$29K	$11K	20x	as long as short
Coinbase International 1000PEPE-PERP-INTX	+0.0448%	1h	0.000004806	0.000%	$597K	$25.6M	50x	as long as short
Deribit 1000PEPE_USDC-PERPETUAL	+0.0583%	1h	0.000004808	+0.042%	$81K	$94K	25x	as long as short
Backpack kPEPE_USDC_PERP	+0.0591%	1h	0.000004806	−0.004%	$91K	$615K	15x	as long as short
ApeX Omni 1000PEPEUSDT	+0.0596%	1h	0.000004818	+0.250%	$102K	$763K	25x	as long as short
Nado kPEPE-PERP	+0.0748%	1h	0.000004811	+0.102%	$186K	$853K	10x	as long as short
BingX 1000PEPE-USDC	+0.0780%	8h	0.000004818	+0.239%	—	$2.3M	—	as long as short
Binance 1000PEPEUSDT	+0.0797%	8h	0.000004808	+0.051%	$130.3M	$1.04B	75x	as long as short
Extended 1000PEPE-USD	+0.0800%	1h	0.000004807	+0.018%	$529K	$148K	25x	as long as short
Aevo 1000PEPE-PERP	+0.0800%	1h	0.000004810	+0.083%	$136K	—	3x	as long as short
MEXC PEPE_USDT	+0.0803%	8h	0.000004809	+0.071%	$91.6M	$284.6M	300x	as long as short
Aster 1000PEPEUSDT	+0.0824%	8h	0.000004808	+0.048%	$1.5M	$7.1M	50x	as long as short
Injective PEPE/USDC PERP	+0.0873%	1h	0.000004833	+0.562%	$4K	$103K	12x	as long as short
Kraken Futures PF_PEPEUSDshort	+0.1327%	1h	0.000004805	−0.010%	$3.9M	$13.3M	50x